Report: World economy growing, but US slipping into Dark Age

America’s standard of living begins declining under Obama, while rest of the world moves forward

America’s standard of living is plunging under Obama’s economic policies, economists report.

“Signs are already pointing to an ebbing U.S. capacity to consume. Both mean and median per capita incomes, which grew rapidly in the 1980s and 1990s, have fallen in the past decade. Unless the United States reverses its decline in economic freedom, the best Americans can hope for is middling growth in living standards, and they may not even get that,” write W. Michael Cox and Richard Alm in the Economic Freedom of the World (EFW) report.

The culprit is government, which is exploding in size, cost and authority under Obama.

More people will strive for these rewards when property rights are secure, taxes are low and governments hold their regulatory meddling to a minimum. In short, capital will grow more rapidly when nations commit to markets and economic freedom — the longer the better,” write Cox and Alm in Investor’s Business Daily (IBD).

But while the United States is going into decline, the rest of the world is moving forward.

“Worldwide, economic freedom has been rising in recent decades. In 1985, the EFW’s global average was 5.33. It increased steadily to 6.58 in 2000; since then, progress has been more erratic, but the latest reading was 6.83 for 2011,” write Alm and Fox in IBD.

“And now, the bad news: Until 2000, the United States participated in the world’s march toward greater economic freedom, its score rising from 7.6 in 1970 to 8.65 in 2000, when the country ranked second only to Hong Kong in economic freedom,” stated Alm and Fox in IBD.

“Since then, U.S. economic freedom has been faltering, declining to 7.74 in 2011 and dropping the United States out of the Top 15 in the worldwide rankings,” continued Alm and Fox.

As a result, many Americans are forced to leave the United States to find freedom and prosperity.

Driven by Obama tax hikes and banking regulations intended to punish the successful, 1,335 Americans gave up their U.S. citizenship in the first three months of 2015.

That’s a record 18 percent higher than the previous record for Americans seeking refuge in other countries, set in 2014, also under Obama. In all, 3,415 Americans fled the U.S. tax system in 2014.

In fact, the number of Americans giving up U.S. citizenship, and fleeing Obama’s tax system, has increased 1500 percent since 2008.